Sungevity, Inc., an Oakland, CA-based company that has developed an online sales process to make it easy and affordable for homeowners to go solar, has received a $2m line of credit from Bridge Bank, National Association, a subsidiary of Bridge Capital Holdings (NASDAQ: BBNK).
Sungevity, which has recently raised $15m in Series C funding, will use the proceeds from the financing expand operations to the east coast.
In partnership with solar system providers, the company had introduced a solar lease program for homeowners. Through an online process (iQuote), Sungevity uses satellite images and aerial photography to assess roofs remotely, determine the homes’ solar potential and provide customers with a proposal within 24 hours.
The program has been already implemented throughout the western United States.